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Tuesday, February 7, 2023

Bitcoin Calls For Re-Test

Bitcoin (BTC) has been on the rise for quite some time now, with the price of one coin nearly doubling in just four months. In fact, even though it is down slightly today and over the past week, Bitcoin still remains up more than 1% on Tuesday and fractionally higher than its intraday high at $17,437.50 which was reached on Sunday.

Other cryptocurrencies have followed suit with Ethereum (ETH) having hit a new two-year high of $474.52 yesterday before falling to today’s current price of $460—a minor drop in comparison given that ETH has risen more than 30% this week alone! XRP is up 1.1% on Tuesday but still down 3.7% for the week thus far as it attempts to rebound from losses of 15% over seven days when it fell from an intraday high of $0.5982 USD to an intraday low of $0.5037 today (at press time).

Bitcoin Might Conduct Scrutiny

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As for other notable gainers over 24 hours include Chainlink (LINK) which is up 8%, Compound (COMP) which is up 7%, and THETA (THETA) which is up 5%.

Bitcoin (BTC) is up more than 1% on Tuesday and is fractionally higher for the week so far.

The leading cryptocurrency was trading at $12,849.41 at 12:00 UTC today, according to CoinMarketCap, having gained $122 in 24 hours. The last time BTC had a seven-day gain of over 1% was May 7–13 when it added 2.5%. As reported by CoinDesk on Monday, “the crypto market has taken a step back since its recent high of $17,437.50 reached on Sunday afternoon (EDT).” At press time, bitcoin is valued at $17,227.35

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As of writing, the leading cryptocurrency by market cap is valued at $17,227.35, having hit a two-year high of $17,437.50 on Sunday.

The price of bitcoin has increased by more than 1% on Tuesday, according to data from Coin360. The leading cryptocurrency is up 0.75% over the past 24 hours and has made solid gains over the past week as well: it’s up over 15%.

Bitcoin’s rally comes despite calls for BTC/USD to retest lows near $6,000 after U.S macro data showed signs of weakness in Q2 GDP growth and inflation numbers fell short of expectations last month.”We expect [the] market will revert back to its previous range between $7k-$8k,” wrote a team led by analysts at Morgan Stanley in an April 16 research note titled “The Crypto Spring.”

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